Family Office Definition

Family offices offer comprehensive wealth management and family services for ultra-wealthy families, ensuring smooth intergenerational transfer, maintenance, and growth of assets. These offices can be professional private organizations or limited companies within a family trust structure, focusing on managing family wealth, balancing investment portfolios, and achieving long-term inheritance and asset protection.

Types of Family Offices

• Single Family Office (SFO): An SFO serves one ultra-wealthy family, managing assets through a private company. In Singapore, SFOs are exempt from registering a fund license with the Monetary Authority of Singapore (MAS).

• Multi-Family Office (MFO): An MFO serves multiple families and may originate from transforming an SFO, private banking services, or being established by professionals. MFOs require a fund license from a Registered Fund Management Company (RFMC) or a Licensed Fund Management Company (LFMC).

Advantages of a Family Office in Singapore

• Tax Exemption Policy: Singapore offers a tax exemption policy for family offices, which has been expanded and extended to 2024.

• Immigration Program for High Net Worth Individuals: Family offices facilitate the immigration of high net worth individuals and their families to Singapore, enabling them to obtain Employment Passes (EP) and subsequently Permanent Residency (PR).

• Overseas Asset Allocation: Family offices provide professional asset allocation solutions, helping clients diversify investment risks and achieve optimal overseas asset allocation, thereby avoiding the Common Reporting Standard (CRS).

Family Office Structure

According to the Monetary Authority of Singapore, a single-family office in Singapore should have the following structure to meet exemption requirements:

• Establishment of a holding company.

• Setting up single-family offices and investment funds wholly owned by holding companies.

• Managing family wealth through investment funds.

Choosing Move2SG

Move2SG provides comprehensive support for setting up family offices in Singapore. Our services include:

• Assisting in the preparation and submission of all required documents.

• Ensuring compliance with all legal and regulatory requirements.

• Offering expert guidance to ensure a smooth and efficient transition or closure process.

For personalized support and expert advice, please contact us.